The Current Landscape of NBFCs & Financial Services in India
In India, Non-Banking Financial Companies (NBFCs) and Financial Services have burgeoned into an indispensable segment, contributing significantly to the country's economic fabric. According to a report by PwC, the NBFC sector's asset size is expected to touch USD 1 trillion by 2025, showcasing a CAGR of about 17-18%. However, the road to growth isn't without challenges—regulatory changes, market saturation, and an ever-increasing demand for better customer experiences continue to shape the industry dynamics.
The Criticality of Sales Roles in This Ecosystem
At the heart of these opportunities and challenges lies the sales function, the linchpin that connects products to customers. Sales professionals in this industry have a two-fold role—educating customers in a sector often seen as esoteric and closing deals that contribute to revenue and growth. It's a demanding task, given that the sales cycle involves multiple stages, from lead generation to eventual deal closure.
Unpacking the Sales Cycle: From Pitching to Closing
The sales cycle in the NBFC sector can either be as short as a day or can be a long-drawn process, often taking weeks or months to convert a prospect into a customer. It starts with the pitch, the point where potential customers get their first introduction to what's on offer. However, a stellar pitch does not guarantee closure. The transformation from an introductory conversation to signing on the dotted line involves a series of nuanced steps, including need analysis, value demonstration, and objection handling.
Leveraging Strategies to Amplify Closure Rates
So how does one transition smoothly from pitching to closing? Here are a few strategies:
- Value-based Selling: Shift the focus from product features to the value it can bring to the customer. Can your loan product expedite the growth of a small business? Say that.
- Pipeline Management: A sales rep should be able to visualize the sales funnel clearly. This allows for targeted interventions at different stages, thereby increasing the likelihood of conversions.
- Follow-Up Systematically: Sometimes, the deal isn't closed in the first or even second meeting. Implement a systematic follow-up strategy using both automated (email sequences) and personal touchpoints. InsideSales.com reveals that 50% of sales happen after the 5th follow-up, yet many representatives give up after one or two attempts.
- Emphasize Transparency: In finance, trust is paramount. Ensure all terms, conditions, charges, and potential risks are clearly communicated. A transparent approach can differentiate an NBFC from competitors. Label Insight's study on transparency reveals that 94% of consumers are more likely to be loyal to a brand that offers transparency
- Focus on Solution Selling: Rather than just pushing a product, identify the genuine problems or needs of the potential customer and position your financial product as the solution. Forrester reports that solution sellers are 10% more likely to be high performers in complex sales environments.
- Hyper-Personalization: With advancements in data analytics, NBFCs can gather insights about potential customers. Sales pitches can be tailored based on the individual’s financial history, aspirations, risk tolerance, and more. According to an Epsilon study, 80% of consumers are more likely to make a purchase when brands offer personalized experiences.
- Objection Handling: This is where the real sales skills come into play. Handling objections is not just about countering them, but also about understanding underlying concerns and addressing them proactively.
- Customer Relationship Management (CRM): Use CRM tools to keep track of customer interactions, thus ensuring a consistent and personalized approach throughout the sales cycle.
The Synergy of Training and Technology: A Look at Sales Enablement & Sharpsell.ai
While sales skills and strategies are vital, leveraging technology for sales enablement can provide the much-needed edge. This is where Sharpsell.ai comes into the picture. Unlike traditional Learning Management Systems (LMS) or generic Sales Enablement tools, Sharpsell.ai offers a Sales Playbook Automation Platform that standardizes sales methodology across teams.
Imagine having a co-pilot that helps you navigate through every phase of the sales cycle. With features like just-in-time content, AI-powered role plays, and learning journeys, the platform equips sales reps with the necessary tools and guidance. It integrates seamlessly with existing CRMs, offering AI-based nudges and a customizable presentation engine to boost sales readiness.
Why Choose Sharpsell?
- Real-time Content: Sharpsell delivers just-in-time content right when a sales rep needs it the most, say, before a crucial client meeting.
- Customizable Sales Playbooks: Replicate deal-winning behavior at scale by creating sales playbooks that resonate with your business needs.
- AI-Powered Learning: The platform's AI algorithms ensure a continuous learning experience, adapting to individual needs and performance metrics.
By making the transition from pitching to closing a seamless process, Sharpsell.ai not only enhances closure rates but also ensures a consistent and quality customer experience, thereby addressing some of the most pressing challenges in the NBFC and Financial Services sector in India.
In summary, the time is ripe for NBFCs and Financial Services companies to invest in targeted sales training and cutting-edge technology like Sharpsell.ai, turning their sales teams into efficient closing machines.
The sales landscape in the NBFC sector is complex, but the pathway from pitching to closure doesn't have to be. With the right strategies, tools, and technology, transitioning through the sales cycle can become a seamless, efficient process, offering mutual value to both sales professionals and customers alike.
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